MASTER 

NEGATIVE 
NO.  94-821 36 


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Author: 

National  retail  merchants 
association 

Title: 

Inventory  methods  for 
retail  stores 

Place: 

New  York 

Date: 

[1 922] 


MASTER   NEGATIVE   # 


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National  retail  ibfy  ^oodo  association.  Control^iJ^^T 

lers'  congress. 

•••  Inventory  methods  for  retail  stores.  Daily 
anticipation  rates,  by  Goiiimittee  on  publications. 
New  York,  National  retail  dry  goods  association 
i;19223 

12  p.  forms,  tables.  23  cm.  (Controllers' 
congress  of  the  National  retail  dry  goods  associa- 
tion. Official  publication,  v.  3,  no.  l) 


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CONTROLLERS'  CONGRESS 


OF  THE 


National   Retail   Dry  Goods  Association 


VOL.  Ill 


OFFICIAL  PUBLICATION 


APRIL,  1922 


INVENTORY  METHODS 

FOR 

RETAIL  STORES 


No.  1 


DAILY 

ANTICIPATION 

RATES 


BY 


COMMITTEE  ON  PUBLICATIONS 


200  Fifth  Ave.,  New  York  City 


>4* 


\l 


^j     ^  V'*  ^»» 


THE  Controllers'  Congress  does  not  assume  responsibility 
for  the  views  expressed  by  the  writers  of  articles  appear- 
ing in  the  Official  Publications.  All  articles  published 
have  been  passed  upon  by  the  Committee  on  Publications, 
as  being  of  a  constructive  nature,  and  contain  suggestions 
and  ideas  as  to  retail  store  procedure,  which  should  be  of 
interest  to  the  retail  craft.  The  articles  published  may  or 
may  not  present  the  particular  ideas  of  the  respective  in- 
dividual or  group.  Comments  on  any  of  the  publications  are 
always  welcome  and  should  be  addressed  to  the  Secretary. 


An  invitation  is  extended  to  all  members  and  those  interested 
in  the  retail  craft  to  submit  articles  for  publication.  The 
writer  of  each  article  will  be  given  credit  at  the  time  of 
publication. 


Additional  copies  may  be  obtained  from  the  Secretary.  The 
price  to  members  is  twenty  five  cents  per  copy  and  to  non- 
members  fifty  cents  per  copy. 


Committee  on  Publications 

T.  L.  BLANKS 

G.  K.  CREIGHTON 

W.  J.  HUNTER 


Copyrighted  1922  by  the 

Controllers'  Congress 

of  the 

National  Retail  Dry  Goods  Association 


/ 


K 


INVENTORY  METHODS 

FOR 

RETAIL  STORES 

There  are  many  factors  entering  into  the  taking  of  an  Inventory, 
which  differ  according  to  operating  conditions.  In  compiling  this 
article,  the  average  conditions  have  been  taken  as  a  basis. 

FORMS 

Forms  have  been  prepared  for  those  operating  under  the  re- 
tail inventory  method  exclusively,  and  also  for  those  who  desire 
to  take  inventory  at  both  retail  and  cost  or  market,  whichever  is 
lower. 

If  accurate  records  of  percent  of  Gross  Mark-Up  are  maintained, 
it  is  not  necessary  when  using  the  retail  system  to  take  the  inventory 
at  both  cost  and  retail,  as  the  purpose  of  an  inventory  under  the 
retail  system  is  to  adjust  the  retail  book  inventory  to  the  actual 
physical  retail  inventory.  The  cost  inventory  is  a  matter  of  com- 
putation through  which  the  element  of  profit  is  eliminated  from  the 
inventory. 

Form  number  one  is  to  be  used  for  inventories  taken  at  retail 
only;  form  number  two  for  inventories  to  be  taken  at  cost  or  market, 
whichever  is  lower. 

There  have  also  been  prepared  forms  for  use  with  the  "Tag 
System"  of  Inventory,  which  is  being  successfully  used  in  a  con- 
siderable number  of  stores,  as  it  has  a  number  of  advantages  over 
the  more  generally  used  sheet  system.  The  tags  can  be  written 
up  completely  including  count,  in  advance  of  the  date  of  inventory. 
All  merchandise  sold  or  received,  after  count,  is  recorded  on  tag, 
which  remains  with  article.  After  close  of  business  on  the  date  the 
inventory  is  to  be  taken,  tags  are  collected.  This  form  is  herein 
known  as  number  three. 

PREPARATION 

The  date  at  which  the  different  departments  are  to  close  their 
inventories  should  be  definitely  decided.  Under  the  retail  method 
it  is  not  necessary  for  all  departments  to  take  their  inventory  at 
the  same  time. 

Instructions  should  be  issued  to  Merchandise  Managers  and 
Buyers  to  clear  up  all  invoices,  claims,  disputes,  memorandum 


'i-,' 


if 


..M  !■■  ■n»^r^w.w^w 


CONTROLLERS'  CONGRESS 


INVENTORY  METHODS 


invoices,  stocks  on  manufacturers'  accounts  and  merchandise  on 
consignment  invoices,  one  week  prior  to  closing  of  the  inventory, 
so  as  to  avoid  congestion  caused  in  the  Receiving  Room  and  the 
General  Offices  by  reason  of  the  great  number  of  invoices  put 
through  the  last  day  or  two  before  the  close  of  stock  taking.  All 
merchandise  in  transit  to  or  from  warehouse,  fur  storage  depart- 
ment, manufacturing  departments  or  between  other  departments, 
merchandise  being  relabeled  and  that  returned  by  customers  and 
to  manufacturers  should  be  properly  recorded  and  cleared  before 
the  date  of  closing  of  the  inventory. 

Merchandise  that  for  any  reason  (style  change,  slow  moving, 
cost  to  replace  less  than  purchase  price,  etc.)  is  retailed  above  its 
known  or  salable  value,  should  be  marked  down  before  inventory 
taking. 

The  forms  should  be  serially  numbered  so  that  they  may  be 
accounted  for.  The  person  in  charge  of  distribution  of  the  forms 
should  charge  each  department  with  the  supply  issued  to  it.  The 
person  receiving  the  blank  forms  should  check  and  sign  for  the 
numbers  received. 

The  task  of  taking  the  inventory  should  be  carefully  planned 
and  assigned  to  selected  persons  in  each  section  and  instructions 
should  be  given  them  as  to  the  method  of  counting,  listing,  etc., 
as  errors  may  necessitate  retaking  the  inventory. 

TAKLNG  AND  LISTING 

The  persons  assigned  to  the  taking  and  listing  of  the  inventory 
should  work  in  pairs,  one  person  to  call  and  the  other  to  enter. 

Every  form  must  be  fully  headed  with  date,  location,  depart- 
ment number  and  name  of  persons  calling  and  listing,  and  person 
comparing  or  rechecking. 

All  columns  are  to  be  filled  in  except  when  instructions  to  the 
contrary  are  given.  In  most  stores  it  is  only  necessary  to  have  the 
following: 

Article  or  Description 

Season  and  Month  (Code) 

Lot  Number 

Retail  Price 

Unit — Pieces,  Yards,  Dozen  or  Gross 

Quantity 

In  case  form  number  two  is  being  used,  the  code  and  translated 
cost  price  and  also  the  present  market  price,  if  lower,  should  be 
entered  in  addition  to  the  above. 


^S 


The  inventory  is  to  be  purely  a  physical  inventory  and  no 
attention  should  be  paid  to  any  containers,  such  as  boxes,  but  the 
merchandise  itself,  within  such  containers,  is  always  to  be  counted 
and  listed.  No  attention  should  be  paid  to  records  of  current  and 
reserve  stocks,  as  an  inventory  should  represent  a  physical  count. 

Should  it  be  necessary  to  tally  quantities  for  any  one  unit,  it 
should  not  be  permissible  to  use  scratch  paper,  but  the  margin  or 
reverse  side  can  be  used  and  the  total  quantity  accordingly  entered. 
In  entering  the  quantity,  it  is  advisable  to  make  enterics  in  the 
same  unit  as  the  price  and  enter  yardage  fractions  in  eights  and 
dozens  fraction  in  twelfths. 

Special  care  should  be  exercised  to  see  that  all  merchandise 
is  listed  in  forward  and  reserve  stocks,  receiving  room,  warehouse, 
display  windows  and  cases,  or  wherever  it  may  be.  Merchandise 
returned  to  factory  on  memoranda  should  be  listed  on  separate 
forms,  as  part  of  the  inventory  and  accordingly  marked. 

No  corrections  should  be  made  in  previous  entries,  to  correct 
an  error,  draw  a  line  through  the  incorrect  item  and  make  a  new 
entry. 

In  some  departments  it  is  necessary  to  spend  several  days  in 
listing  the  inventory,  in  which  case,  the  merchandise  sold  after 
listing  should  be  entered  on  special  sheets,  plainly  marked  in  colored 
pencil,  "Sold  after  Inventory— deduct"  or  on  the  tags  (Form  No.  3) 
in  the  space  provided. 

There  is  an  advantage  in  an  independent  double-listing  of 
merchandise  whenever  possible,  as  it  affords  a  complete  double 
check.  As  an  alternative,  the  one  listing  made  should  be  checked 
by  a  second  crew. 

The  inventory  should  always  be  subject  to  check  by  the  office. 
In  each  checking  crew  there  should  be  at  least  one  auditor  or  ex- 
ecutive, representing  the  controller. 

Upon  completion  of  the  inventory,  the  controller's  represent- 
ative should  collect  all  forms  and  check  to  see  that  all  numbers  are 
accounted  for  before  turning  into  the  office. 

All  inventories  should  be  turned  into  the  office  the  night  that 
the  inventory  closes. 

EXTENSION  OR  FIGURING 

The  office  should  account  for  all  forms  allotted  to  each  depart- 
ment before  the  extensions  are  started. 

The  first  extension  on  the  sheets  is  made  on  the  stub  to  the 
right  and  the  stub  totaled.    The  stubs  are  then  detached  by  the 


^^ 


6 


CONTROLLERS'  CONGRESS 


INVENTORY  METHODS 


person  in  charge  and  the  second  extension  made  and  totaled.  After 
both  extensions  have  been  completed,  the  stub  total  is  compared 
with  the  second  extension  total  and  if  not  correct,  the  error  is  located 
and  corrected.  In  the  case  of  the  tag,  (Form  No.  3)  the  extension 
is  made  and  checked  by  another  person  and  recapitulated  on  the 
cover. 

All  inventories  should  be  computed  or  tabulated  as  to  seasons 
of  purchase,  so  as  to  afford  a  check  on  the  merchandising  opera- 
tions. 

Recapitulations  should  be  made  and  attached  to  the  inventory 
sheets  of  each  Department. 

GENERAL 

After  the  total  inventory  has  been  determined,  it  should  be 
compared  with  the  book  inventory  and  if  the  difference  is  small  and 
unquestioned  an  adjustment  should  be  made  so  as  to  bring  the 
books  in  accord  v/ith  the  physical  inventory  taken.  If  the  differ- 
ence should  be  so  large  as  to  be  questionable,  the  inventory  should 
be  audited  for  possible  errors  and  if  they  can  not  be  located,  the 
inventory  should  be  retaken,  so  that  the  adjustment  made  may 
be  supported  to  the  satisfaction  of  the  Management. 

SUPPLIES 

The  supplies  on  hand,  consisting  of  items  purchased  for  expense 
purposes,  should  be  inventoried  at  cost,  and  market,  if  lower.  The 
difference  between  the  total  inventory  valuation  and  the  book 
inventory  of  supplies  should  accordingly  be  adjusted  through  the 
expense  accounts;  if,  however,  any  of  the  supplies  inventoried  had 
been  charged  direct  to  expense  when  purchased,  the  account  so 
charged  should  be  credited  with  the  amount  on  hand. 


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until  date  of  inventory  closing, 
at  which  time  they  are 
collected. 


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DAILY  ANTICIPATION  RATES 


11 


I 

f 


DAILY  ANTICIPATION  RATES 

In  computing  Anticipation  on  invoices,  the  Chart  or  Table 
on  the  following  pages  will  be  of  assistance,  as  the  annual  rates 
have  been  reduced  to  a  daily  basis. 

This  Chart  is  based  upon  365  days  to  the  year  and  covers 
annual  anticipation  rates  from  1%  to  10%  inclusive,  covering  peri- 
ods from  one  to  ninety  days. 

The  figures  shown  opposite  the  various  number  of  days  is  the 
percent  applicable  to  the  respective  period,  based  upon  the  annual 
percentage  shown  at  the  top  of  the  column. 

A  practical  example  of  its  operation  is  as  follows: 

Invoice  dated  March  31  for  $4,750.90,  terms  2%,  10 
days,  90  days  extra,  F.  0.  B.  destination,  paid  on  April  26. 

Invoice $4,750.90 

Less:  Freight 30.40 


Less:  Discount  2% 


Less:  Anticipation  6%  for  73  days 
(1.2%  see  chart) 


$4,720.50 
94.41 

$4,626.09 

55.51 


Amount  of  check $4,570 .  58 


The  1.2%  Anticipation  shown  above  is  taken  from  the  chart 
opposite  73  days  and  under  the  6%  column. 


A^f  "> 


I 


10 


ANTICIPATION  RATES  AND  PERCENTAGES 

PER  ANNUM  RATES 

DAYS 

1% 

2% 

3% 

4% 

5% 

6% 

7% 

8% 

9% 

10% 

1 

.00274 

.00548 

.00822 

.01096 

.01370 

.01644 

.01918 

.02192 

.02466 

.02740 

2 

.00548 

.01096 

.01644 

.02192 

.02740 

.03288 

.03836 

.04384 

.04932 

.05479 

3 

.00822 

.01644 

.02466 

.03288 

.04110 

.04932 

.05753 

.06575 

.07397 

.08219 

4 

.01096 

.02192 

.03288 

.04384 

.05479 

.06575 

.07671 

.08767 

.09863 

. 10959 

5 

.01370 

.02740 

.04110 

.05479 

.06849 

.08219 

.09589 

. 10959 

. 12329 

. 13699 

6 

.01644 

.03288 

.04932 

.06575 

.08219 

.09863 

.11507 

.13151 

. 14795 

.16438 

7 

.01918 

.03836 

.05753 

.07671 

.09589 

.11507 

. 13425 

. 15342 

.17260 

. 19178 

8 

.02192 

.04384 

.06575 

.08767 

. 10959 

.13151 

. 15342 

. 17534 

. 19726 

.21918 

9 

.02466 

.04932 

.07397 

.09863 

. 12329 

. 14795 

. 17260 

. 19726 

.22192 

.24658 

10 

.02740 

.05479 

.08219 

. 10959 

.13699 

. 16438 

. 19178 

.21918 

.24658 

.27397 

11 

.03014 

.06027 

.09041 

. 12055 

. 15068 

. 18082 

.21096 

.24110 

.27123 

.30137 

12 

.03288 

.06575 

.09863 

.13151 

. 16438 

.19726 

.23014 

.26301 

.29589 

.32877 

13 

.03562 

.07123 

. 10685 

.14247 

.17808 

.21370 

.24932 

.28493 

.32055 

.35616 

14 

.03836 

.07671 

.11507 

. 15342 

.19178 

.23014 

.26849 

.30685 

.34521 

.38356 

15 

.04110 

.08219 

. 12329 

. 16438 

.20548 

.24658 

.28767 

.32877 

.36986 

.41096 

16 

.04384 

.08767 

.13151 

.17534 

.21918 

.26301 

.30685 

.35068 

.39452 

.43836 

17 

.04658 

.09315 

. 13973 

.18630 

.23288 

.27945 

.32603 

.37260 

.41918 

.46575 

18 

.04932 

.09863 

. 14795 

. 19726 

.24658 

.29589 

.34521 

.39452 

.44384 

.49315 

19 

.05205 

.10411 

.15616 

.20822 

.26027 

.31233 

.36438 

.41644 

.46849 

.52055 

20 

.05479 

. 10959 

. 16438 

.21918 

.27397 

.32877 

.38356 

.43836 

.49315 

.54795 

21 

.05753 

.11507 

.17260 

.23014 

.28767 

.34521 

.40274 

.46027 

.51781 

.57534 

22 

.06027 

. 12055 

. 18082 

.24110 

.30137 

.36164 

.42192 

.48219 

.54247 

.60274 

23 

.06301 

.12603 

. 18904 

.25205 

.31507 

.37808 

.44110 

.50411 

.56712 

.63014 

24 

.06575 

.13151 

.19726 

.26301 

.32877 

.39452 

.46027 

.52603 

.59178 

. 65753 

25 

.06849 

. 13699 

.20548 

.27397 

.34247 

.41096 

.47945 

.54795 

.61644 

.68493 

26 

.07123 

.14247 

.21370 

.28493 

.35616 

.42740 

.49863 

.56986 

.64110 

.71233 

27 

.07397 

. 14795 

.22192 

.29589 

.36986 

.44384 

.51781 

.59178 

. 66575 

.73973 

28 

.07671 

.15342 

.23014 

.30685 

.38356 

.46027 

.53699 

.61370 

.69041 

.76712 

29 

.07945 

. 15890 

.23836 

.31781 

.39726 

.47671 

.55616 

.63562 

.71507 

.79452 

30 

.08219 

. 16438 

.24658 

.32877 

.41096 

.49315 

.57534 

.65753 

.73973 

.82192 

31 

.08493 

. 16986 

.25479 

.33973 

.42466 

.50959 

.59452 

67945 

.76438 

.84932 

32 

.08767 

.17534 

.26301 

.35068 

.43836 

.52603 

.61370 

.70137 

.78904 

.87671 

33 

.09041 

. 18082 

.27123 

.36164 

.45205 

.54247 

.63288 

.72329 

.81370 

.90411 

34 

.09315 

. 18630 

.27945 

.37260 

.46575 

.55890 

.65205 

.74521 

.83836 

.93151 

35 

.09589 

. 19178 

.28767 

.38356 

.47945 

.57534 

.67123 

.76712 

.86301 

.95890 

36 

.09863 

.19726 

.29589 

.39452 

.49315 

.59178 

.69041 

.78904 

.88767 

.98630 

37 

. 10137 

.20274 

.30411 

.40548 

.50685 

.60822 

.70959 

.81096 

.91233 

1.01370 

38 

.10411 

.20822 

.31233 

.41644 

.52055 

.62466 

.72877 

.83288 

.93699 

1.04110 

39 

.10685 

.21370 

.32055 

.42740 

.53425 

.64110 

.74795 

.85479 

.96164 

1.06849 

40 

.1095S 

I .21918 

.  .32877 

.43836 

.54795 

.65753 

.76712 

.87671 

.98630 

1.09589 

41 

.11233 

>  .22466 

.  .3369S 

1  .44932 

.56164 

.67397 

.78630 

.89863 

1.01096 

1.12329 

42 

.11507 

'  .2301^ 

[  .34521 

.46027 

'  .57534 

:  .69041 

.n548 

.92055 

1.03562 

1.15068 

43 

.11781 

.  .2356^ 

I  .3534^ 

I    .47122 

;  .58904 

[    .70685 

.  .82466 

.94247 

1.06028 

1.17808 

44 

.'1205c 

)  .24110  .36164  .482K 

)  .6027-^ 

[    .7232C 

I  .84384 

.96438 

» 1.08493 

1.20548 

45 

.  12321 

)[. 24658  .36986  .49315  .6164^ 

I  .73972 

\    .86301 

.98630 

I1.1095S 

11.23288 

12 


CONTROLLERS  CONGRESS 


ANTICIPATION  RATES  AND  PERCENTAGES— Continued 

PER  ANNUM  RATES 


DAYS 

1% 

2% 

3% 

4% 

5% 

6% 

7% 

8% 

9% 

10% 

46 

.12603 

.25205 

.37808 

.50411 

.63014 

.75616 

.88219 

1.00821 

1 . 13424 

1.26027 

47 

. 12877 

.25753 

.38630 

.51507 

.64384 

.77260 

.90137 

1.03013 

1 . 15890 

1.28767 

48 

. 13151 

.26301 

.39452 

.52603 

.65753 

.78904 

.92055 

1.05205 

1.18356 

1.31506 

49 

. 13425 

.26849 

.40274 

.53699 

.67123 

.80548 

.93973 

1.07397 

1.20821 

1.34246 

50 

. 13699 

.27397 

.41096 

.54795 

.68493 

.82192 

.95890 

1.09589 

1.23287 

1.36986 

51 

. 13973 

.27945 

.41918 

.55890 

.69863 

.83836 

.97808 

1.11780 

1.25753 

1.39726 

52 

.14247 

.28493 

.42740 

.56986 

.71233 

.85479 

.99726 

1.14146 

1.28219 

1.42465 

53 

. 14521 

.29041 

.43562 

.58082 

.72603 

.87123 

1.01W3 

1 . 16164 

1.30684 

1.45205 

54 

. 14795 

.29589 

.44384 

.59178 

.73973 

.88767 

1.03561 

1.18356 

1.33150 

1.47945 

55 

.15068 

.30137 

.45205 

.60274 

.75342 

.90411 

1.05479 

1.20547 

1.35616 

1.50684 

56 

.15342 

.30685 

.46027 

.61370 

.76712 

.92055 

1.07397 

1.22739 

1.38082 

1.53424 

57 

. 15616 

.31233 

.46849 

.62466 

.78082 

.93699 

1.09315 

1.24931 

1.40547 

1.56164 

58 

.15890 

.31781 

.47671 

.63562 

.79452 

.95342 

1.11232 

1.27123 

1.43013 

1.58904 

59 

.16164 

.32329 

.48493 

.64658 

.80822 

.96986 

1.13150 

1.29315 

1.45479 

1.61643 

60 

.16438 

.32877 

.49315 

. 65753 

.82192 

.98630 

1 . 15068 

1.31506 

1.47945 

1.64383 

61 

.16712 

.33425 

.50137 

.66849 

.83562 

1.00274 

1.16986 

1.33698 

1.50410 

1.67123 

62 

.16986 

.33973 

.50959 

.67945 

.84932 

1.01918 

1 . 18904 

1.35890 

1.52876 

1.69S63 

63 

.17260 

.34521 

51781 

.69041 

.86301 

1.03562 

1 . 20821 

1.38082 

1.55342 

1.72602 

64 

.17534 

.35068 

.52603 

.70137 

.87671 

1.05205 

1.22739 

1.40273 

1.57808 

1.75342 

65 

.17808 

.35616 

.53425 

,  .71233 

.89041 

1.06849 

1.24657 

1.42465 

1.60273 

1.78082 

66 

.18082 

.36164 

.54247 

.72329 

.90411 

1.08493 

1.26573 

1.44657 

1.62739 

1.80821 

67 

. 18356 

.36712 

.55068 

.73425 

.91781 

1.10137 

1.28493 

1.46849 

1.65205 

1.83561 

68 

.18630 

.37260 

.55890 

.74521 

.93151 

1.11781 

1.30410 

1.49041 

1.67671 

1.86301 

69 

.18904 

.37808 

.56712 

.75616 

.94521 

1 . 13425 

1 . 32328 

1.51231 

1.70136 

1.89041 

70 

. 19178 

.38356 

.57534 

.76712 

.95890 

1.15068 

1.34246 

1.53424 

1.72602 

1.91780 

71 

.19452 

.38904 

.58356 

.77808 

.97260 

1.16712 

1.36164 

1.55616 

1.7506S 

1.94520 

72 

. 19726 

.39452 

.59178 

.78904 

.98630 

1 . 18356 

1.38082 

1.57808 

1.77534 

1.97260 

73 

.20000 

.40000 

.60000 

.80000 

1.00000 

1.20000 

1.40000 

l.GOOOO 

1.80000 

2.00000 

74 

.20274 

.40548 

.60822 

.81096 

1.01370 

1.21644 

1.41917 

1.62191 

1.82465 

2.02739 

75 

.20548 

.41096 

.61644 

.82192 

1.02740 

1.23288 

1.43835 

1 .  64383 

1.84931 

2.05479 

76 

.20822 

.41644 

.62466 

.83288 

1.04110 

1.24931 

1 . 45753 

1.66575 

1.87397 

2.08219 

77 

.21096 

.42192 

.63288 

.84381 

1.05479 

1.26575 

1.47671 

1.GS767 

1.89863 

2.10958 

78 

.21370 

.42740 

.WHO 

.85479 

1.06849 

1.28219 

1.49589 

1.70958 

1.92328 

2.13698 

79 

.21644 

.43288 

.64932 

.86575 

1.08219 

1.29863 

1.51506 

1.73150 

1.94794 

2.16438 

80 

.21918 

.43836 

.65753 

.87671 

1.09589 

1.31507 

1.53424 

1.75342 

1.97260 

2.19183 

81 

.22192 

.44384 

. 66575 

.88767 

1 . 10959 

1.33151 

1.55342 

1.77534 

1.99726 

2.21917 

82 

.22466 

.44932 

.67397 

.89863 

1.12329 

1.34794 

1.572C0 

1.79726 

2.02191 

2.24657 

83 

.22740 

.45479 

.68219 

.90959 

1 . 13699 

1.36438 

1.59178 

1.81917 

2.04657 

2.27397 

84 

.23014 

.46027 

.69041 

.92055 

1 . 15068 

1.38082 

1.61095 

1.84109 

2.07123 

2.30136 

85 

.23288 

.46575 

.69863 

.93151 

1 . 16438 

1.39726 

1.63013 

1.86301 

2.09589 

2.32876 

86 

.23562 

.47123 

.70685 

.94247 

1.17808 

1.41370 

1.64931 

1.88493 

2.12054 

2.35616 

87 

.23836 

.47671 

.71507 

.95342 

1.19178 

1.43014 

1.66849 

1.90684 

2.14520 

2.38356 

88 

.24110 

.48219 

.72329 

.96438 

1.20548 

1.44657 

1.68767 

1.92876 

2.16986 

2.41095 

89 

.24384 

.48767 

.73151 

.97534 

1.21918 

1.46301 

1.70684 

1.95068 

2.19452 

2.43835 

90 

.24658 

.49315 

.73973 

.98630 

1.23288 

1.47945 

1.72602 

1.97260 

2.21917 

2.46575 

r 


> 


These  publications  as  issued  from 
time  to  rime  will  be  punched  for 
filing  in  a  Kalamazoo  binder,  which 
will  afford  a  permanent  record. 


9 


f 


\ 


INTENTIONAL  SECOND  EXPOSURE 


^iM^^mm^&^iS'Mt': 


12 


CONTROLLERS  CONGRESS 


U 


ANTICIPATION  RATES  AND  PERCENTAGES— Continued 

PER  ANNUM  RATES 


1 
DAYS 

1% 

2% 

3% 

4% 

0/0 

6% 

7% 

8% 

9% 

10% 

46 

.12603 

.25205 

.37808 

.50411 

.63014 

.75616 

.88219 

1.00821 

1 . 13424 

1.26027 

47 

.12877 

.25753 

.38630 

.51507 

.6438-1 

.77260 

.90137 

1.03013 

1.15890 

1.28767 

48 

.13151 

.26301 

.39452 

.52603 

. 65753 

.78904 

.92055 

1.05205 

1.18356 

1.31506 

49 

. 13425 

.26849 

.40274 

.53699 

.67123 

.80548 

.93973 

1.07397 

1.20821 

1.34246 

50 

. 13699 

.27397 

.41096 

. 54795 

.68493 

.82192 

.95890 

1.09589 

1.23287 

1.3698G 

51 

. 13973 

.27945 

.41918 

.55890 

.69863 

.83836 

.97808 

1.11780 

1.25753 

1 . 39726 

52 

. 14247 

.2^93 

.42740 

.56986 

.71233 

.85479 

.99726 

1.14140 

1.28219 

1.42465 

53 

. 14521 

.29041 

.43562 

.58082 

.72603 

.87123 

1.01643 

1 . 10164 

1.30684 

1.4.5205 

54 

. 14795 

.29589 

.443^ 

.59178 

.73973 

.88767 

1.03561 

1 . 18356 

1.33150 

1.47945 

55 

.15068 

.30137 

.45205 

.60274 

.75342 

.90411 

1.05479 

1.20547 

1.35616 

1.50084 

56 

.15342 

.30685 

.46027 

.61370 

.76712 

.92055 

1.07397 

1.22739 

1.38082 

1.. 5.3424 

57 

. loGlG 

.31233 

.46849 

. 6246G 

.78082 

.93699 

1.09315 

1.24931 

1.40547 

1.50104 

58 

. 15S90 

.31781 

.47671 

.63562 

.79452 

.95342 

1.11232 

1.27123 

1.43013 

1.. 58904 

59 

.16164 

.32329 

.48493 

.64658 

.80822 

.96986 

1.13150 

1.29315 

1.45479 

1.01043 

60 

. 16438 

.32877 

.49315 

. 65753 

.82192 

.98630 

1 . 1500S 

1.31500 

1.47945 

1.04.383 

61 

.10712 

.33425 

.50137 

.66849 

.83562 

1.00274 

1.10986 

1.3369S 

1.50410 

1.07123 

62 

.16986 

.33973 

.50959 

.67945 

.84932 

1.01918 

1 . 18904 

1.35890 

1.52876 

1.69863 

63 

. 17260 

.34521 

.51781 

.69041 

.86301 

1.03502 

1.20821 

1.380S2 

1.55342 

1.72002 

64 

. 17534 

.35068 

.52603 

.70137 

.87671 

1.05205 

1.22739 

1.40273 

1.57808 

1.75.342 

65 

. 17S0S 

.35616 

.53425 

.71233 

.89041 

1.06849 

1.24657 

1 . 42465 

1.60273 

1.78082 

66 

.18082 

.36164 

.54247 

.72329 

.90411 

1.08493 

1.26573 

1.44657 

1 . 62739 

1.80821 

67 

. 18356 

.36712 

.55068 

.73425 

.91781 

1.10137 

1.28493 

1.46849 

1.65205 

1.83561 

68 

. 1SG30 

.372C0 

.55890 

.74521 

.93151 

1.11781 

1.30410 

1.49041 

1.67671 

1.86.301 

69 

. 18904 

.37808 

.56712 

.75616 

.94521 

1 . 13425 

1.32328 

1.51231 

1.70130 

1.S9041 

70 

.19178 

.38356 

. 57534 

.76712 

.95890 

1.15068 

1.34246 

1.53424 

1 . 72002 

1.91780 

4  I 

. 19452 

.3890-11.58356 

.77808 

.97260 

1.16712 

1.36164 

1.55616 

1 . 7506S 

1.94.520 

72 

.19726  .39452 

.59178 

.78904 

.98630 

1 . 18356 

1.38082 

1.57808 

1.77534 

1.97200 

.20000 

.40000 

.60000 

.80000 

1.00000 

1.20000 

1.40000 

l.COCOO 

1.80000 

2.00000 

74 

.20274 

.40548 

.60822 

.81096 

1.01370 

1.21644 

1.41917 

1.62191 

1.8246.5 

2.027.39 

75 

.20548 

.41096 

.61644 

.82192 

1.02740J  1.23288 

1.43835 

1.64383 

1.84931 

2.0.5479 

76 

.208221.41644 

.62466 

.83288 

1.04110  1.24931 

1 . 45753 

1.66575 

1.87397 

2.0S219 

77 

.21096 

.42192 

. 63288 

.8438} 

1.05479 

1.20575 

1.47071 

1.08707 

1 . S9S03 

2.10958 

78 

.21370 

.42740 

.64110 

.8,5479 

1.068-19 

1.28219 

1.49589 

1.7095S 

1.92328 

2.1.369S 

79 

.21644 

.43288 

.64932 

.86575 

1.08219 

1.29863 

1.51500 

1.73150 

1.94794 

2.164.38 

80 

.21918 

.43836 

. 65753 

.87671 

1.09589 

1.31507 

1.53424 

1.75342 

1.97200 

2.19183 

81 

.22192  .44384 

. 66575 

.88767 

1 . 10959 

1.33151 

1.55342 

1.77534 

1.99720 

2.21917 

82 

.224661.44932 

.67397 

.89863 

1.12329 

1.34794 

1.572C0 

1.79720 

2.02191 

2.240.57 

83 

.227401.45479 

.68219 

.90959 

1 . 13699 

1.36^138 

1.59178 

1.81917 

2.04057 

2.27.397 

84 

.23014 

.46027 

.69041 

.92055 

1.15068 

1.38082 

1.01095 

1.84109 

2.07123 

2.30136 

8.5 

.23288 

.4^575 

.69863 

.93151 

1.16438 

1.39720 

1.63013 

1.80301 

2.095S9 

2. 32876 

86 

.23562 

.47123 

. 70685 

.94247 

1.17.S0S 

1.41370 

1.64931 

1.88493 

2.120.54 

2.35616 

87 

.23836 

.47671  .71507 

.95342 

1.19178 

1.43014 

1.6fJ849 

1.90084 

2.14520 

2.38.3.56 

88 

.24110 

.48219 

.72329 

.96438 

1.20548 

1.44657 

1.68767 

1.92870 

2.16980 

2.41095 

89 

.243841.487671 

.73151 

.97534 

1.21918  1.40301 

1.70fi84 

1.95008 

2.194.52 

2.43S35 

90 

.246581 

i 

.49315 

.73973 

.98630 

1.23288 

1.47945 

1.72602 

1.97260 

2.21917 

2.46575 

I 


\i 


% 


r 


> 


These  publications  as  issued  from 
rime  to  rime  will  be  punched  for 
filing  in  a  Kalamazoo  binder,  which 
will  afford  a  permanent  record. 


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